The First Discovery (As Distinct from First Commercial Application) of a Product

question 118

Multiple Choice

The first discovery (as distinct from first commercial application) of a product or process is called

• A) innovation.
• B) invention.
• C) creative destruction.
• D) diffusion.

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Definitions:

Implementation Through Consensus

The approach of executing plans or decisions in an organization by reaching an agreement supported by all members.

Price Discrimination

A pricing strategy where companies charge different prices to different customers for the same product or service, often based on willingness to pay, market segment, or purchase location.

Supply Chain

The interconnected network of entities involved in producing, handling, and distributing a specific product, from raw materials to end consumers.

Consumer Markets

Markets comprised of individuals and households that purchase goods and services for personal consumption rather than for resale or business use.